In a Recent Study, It Was Reported That the Proportion

question 109

Multiple Choice

In a recent study, it was reported that the proportion of employees who miss work on Fridays is 0.15, and that the standard deviation of the sampling distribution of sample proportion, , is 0.025. What was the sample size, n?

• A) 204
• B) 108
• C) 26
• D) 87

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Definitions:

Explicit Costs

Directly incurred expenses in the operation of a business, such as wages, rent, and material costs, which are clearly accounted for and easy to identify.

Opportunity Costs

The potential benefits missed out on when choosing one alternative over another.

Explicit Costs

Direct, out-of-pocket payments for goods or services that are made by a business as part of its operations.

Total Economic Costs

The sum of all costs associated with the production of a good or service, including both explicit (direct) costs and implicit (indirect or opportunity) costs.